Definitely a Cooey Carcano or Eatons' Carcano: same beast entirely.
They were surplus Italian Model 1891 long rifles from the Great War which Cooey modded considerably. The barrel itself uses the original Italian chamber, with a new section threaded on ahead of that. Sounds insane but it works fine just so long as the correct ammo is used and no flaming IDIOT takes out the securing screw and gives it to his cat to play with. The Cooey barrel is considerably heavier than the original tube and the rifling is very different. It is also constant-twist.
Carcano actions are often dismissed as weak. The fact is that they are extremely strong for the amount of material in them. They are very solid and an extremely accurate rifle can be built around a spare Carcano action, should you have such lying around. The bolt is a modded Mauser type with the unique Carcano safety which locks the action solid AND takes compression off the mainspring at the same time. They feed through a special 6-round Mannlicher clip which can be inserted either-side-up. The magazine slot in the bottom is very narrow and the left rail is very solid: all the basis points for a very accurate rifle.
ALL Carcano barrels were gain-twist except the Model 1941 and, of course, the Canadian-barreled Cooey variant. The Cooeys were fitted with a nice set of double set-triggers which most people seem to have ripped off about an hour after they got the rifles home. Too bad; they can shoot very well.
There were 'issues' with the Cooey variant and reports of injuries and even a death, mostly because the correct ammo was not available. Dominion made a special run of the right ammo about 1930 but by that time it was too late. Eaton's called in the remaining Cooey Carcanos, but a few specimens did manage to escape. Yours is one. The special ammo was sold in pink boxes of 20 rounds and cartridges were headstamped only "R" at 12 o'clock,"6.5m/m" at 6 clock.
There is a thread in THIS forum on a test-to-destruction of one of these rifles.It is VERY impressive in its thoroughess and also in the ability of the rifle to handle abuse.
These are an almost-forgotten incident in Canadian history. The Cooey Carcano actually gave ALL 6.5mm rifles such a bad name that, 35 years later, I was told flat-out that I was completely insane and suicidal.... because I bought a 6.5mm rifle! A year later, Kennedy was shot with a 6.5 and people started rethinking their prejudices, but it was too late for this interesting little rifle.